Take the first step towards financial independence by learning how to manage your money.
Taking control of your finances after a divorce or separation is an empowering moment, and a big step toward independence.
Here’s how to get started.
OPEN YOU OWN ACCOUNTS
Now that your divorce or separation is underway and shared accounts are being closed, opening your own account(s) is a great place to begin.
Think about the accounts you might need. If you have kids, it could be useful to open a separate account for child support payments. An interest earning savings account on the other hand may assist you to save.
SET UP A NEW BUDGET
Moving to a single income is an ideal time to review how much you’re spending. Use a banks Budget planner tool to create a workable budget that reflects your current income and household.
KNOW YOUR RIGHTS
Separation is never black and white – and you’ll have different rights depending on whether you were married or in a de facto relationship.
TAKE CONTROL OF DEBT
It’s best to stay on top of mortgage and credit card payments from the from the start – so balancing your cash flow is critical.
Most people are managing some form of debt at any given time. The trick is to always know what you owe, and the conditions of your repayments.
MANAGE YOUR PROPERTY
Whether you’re renting, own you own home, or own several houses, there’s a good chance that managing your properties could become more complicated after separation.
While you find your feet, a good place to start is to speak with a financial expert. They can review your budget and help decide the best path for you. Remember, a property should always be seen as a promising investment, not a drain on your finances.
PLAN FOR A FINANCIALLY SAFE FUTURE
Have you thought about your retirement yet? A Financial expert can help you understand how long you should be working for, how much to save, and even the best time to sell your property.
It may also be a good idea to check up on your super. If you have multiple accounts, think about combining them into one to save on fees, and look into ways you can grow your super balance.